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The exchange rate of US Dollar to Turkish Lira became 4.81 TRY and the exchange rate of Euro to Turkish Lira became 5.68 TRY last night (May 23), reaching an all-time high.
As of 9.50 a.m. today, the US Dollar fell to the level of 4.77 TRY and Euro to 5.61 TRY. With a sudden increase at 11:15 a.m. today, the US Dollar reached the level of 4.92 TRY and Euro reached the level of 5.73 TRY.
After the exchange rate of US Dollar to Turkish Lira has exceeded 4.80 TRY, the İstanbul Stock Exchange (BİST) has announced that “as a sign of its trust in and support for the Turkish Lira,” it has changed all of its foreign exchange assets, except for its short-term needs, into Turkish Lira.
Bloomberg has reported that before the minutes of the last meeting held by the Federal Reserve System (FED) are published on Wednesday, the US Dollar has increased in value against the currencies of all G-10 countries, except for the Japanese yen.
As reported by patronlardunyasi.com, the loss of value of Turkish Lira against the US Dollar has approached 25 percent, the global credit rating agency Fitch has stated that the decrease in independence of monetary policy has placed pressure on the credit rating of Turkish Lira.
The S&P has also warned that unless the necessary actions are taken to stop the sharp fall in value of Turkish Lira, the financial situation can deteriorate at a fast rate. (EKN/YT/SD)